The ounce of gold, which closed last year by disappointing its investors, became a haven for investors this year as its inflation in the US and EU climbed to the highest levels of the last 40 years and the sanctions triggered by Russia’s invasion of Ukraine pushed inflation into an even more difficult position to control. In addition, the Dollar/TL rate, which climbed up to 18 TL with the CBRT’s interest rate cut process, started to rise again and reached the 15 TL limit, even though it was tried to be brought under control with tools such as KKM. This situation created a double dose of wind for gram gold prices due to the ounce priced in dollars. With this effect, gram gold prices managed to rise above 900 TL again. In this environment, Seda Yalçınkaya Özer, Integral Investment Research Manager, shared her views on gold prices.
Critical levels for gold prices, according to investment expert
cryptocoin.com As we have also mentioned in the news, after Fed Chairman Jerome Powell’s hawk statements to rein in inflation, the US 10-year bond yields rose to the levels last seen in May 2019. The investment expert states that the US 10-year interest rates put pressure on ounce gold prices with the rise to 2.32%, while the intensifying conflict between Russia and Ukraine supports the yellow metal. Seda Yalçınkaya Özer makes the following assessment:
Ounce gold seems to be stuck between high US interest rates and risk aversion. The fact that the risks between Russia and Ukraine are still on the table keeps the ounce of gold alive. However, it is currently struggling to rise above the technically important $1,940 level.
Saying that technically it is necessary for an ounce of gold to settle above $ 1,940 in order to maintain its upward potential, Seda Yalçınkaya estimates that there may be a relaxation towards the support level of $ 1,875 in the pullbacks that may occur below the support of 1.915. On the other hand, according to the investment expert, there are still basic conditions necessary for an upside reaction in pullbacks.
Sharing her views on gram gold, Seda Yalçınkaya Özer states that the upward potential can continue as long as gram gold continues to be traded above 890 TL and warns investors that it is necessary to be cautious about new purchases near 940 TL.
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